The housing shortage, particularly the shortage in affordable homes, is a topic frequently discussed by the Greensboro City Council.
According to an article in The Hill, the Greensboro-High Point market is doing worse at providing single-family homes than the peer cities in North Carolina covered by the study, but much better than cities in other parts of the country.
The article states, “The data compares supply and demand by the number of permits issued for every new job. One single family permit is issued for every two new jobs in a balanced market.”
And adds, “One piece of the broader shortage puzzle is the underproduction of single-family homes often stemming from land restriction policies.”
According to the data from the National Association of Realtors (NAR), the Greensboro-High Point market is adding 4.4 jobs for each new single-family home building permit, so the number of building permits issued would need to more than double for the Greensboro-High Point market to be considered balanced.
The Durham-Chapel Hill market isn’t far behind with 3.8 jobs for each single-family building permit. But Raleigh is close to being right on the money with 1.9 jobs per building permit.
Charlotte-Concord-Gastonia has 2.9 jobs per single family building permit and Fayetteville is listed at 2.1 jobs per building permit.
Right next door, Winston-Salem is listed as issuing a building permit for every 1.7 new jobs.
However, all the cities listed in North Carolina are doing far better than some of the cities in the Northeast. According to the report, the New York-Newark-Jersey City market is issuing one building permit for every 37.6 new jobs.
And the Boston-Cambridge-Nasua metro area is at one building permit for every 28.6 new jobs.
Rockford, Illinois – roughly half the size of Greensboro – issues one building permit for every 32.2 new jobs.
The NAR estimates the national housing shortage at 5 million homes in a period when new housing construction is falling, in part due to the much higher mortgage rates caused by the Federal Reserve raising interest rates.